IMLA comments on the BoE’s Credit Conditions Survey

The Intermediary Mortgage Lenders Association (IMLA), the trade association for UK lenders involved in the generation of mortgage business through professional financial intermediaries, comments on today’s Bank of England’s Credit Conditions Survey.

Peter Williams, Executive Director of IMLA, said:

“The outlook for the rest of the year looks positive, and over the next three months we are expecting to see a rise in the number of competitive mortgage products being launched by lenders.

“The Funding for Lending scheme is enabling lenders to reduce the margins on top of their borrowing costs and this, coupled with lenders’ market share objectives and the improvement in credit conditions in recent months, has seen availability increase and average rates moving down.

“While the latest Credit Conditions Survey suggests lenders will spread this increase in secured credit across LTV ratios, it is important the focus is on the higher end of the scale with products aimed at first-time buyers and second steppers. This is where the market needs most support and without greater access here it will act as a drag on the rest of the market.”

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